Financial advisors generally seem to like the idea of being able to move to a firm where they can operate as they see fit, but few actually do so.
Researchers at Cerulli Associates Inc., Boston, have published that finding in a summary of results from an advisor survey.
About 65% of wirehouse advisors said they would prefer to go independent if they made a move; with 33% saying they would prefer the independent broker-dealer model; and 32% saying they would prefer to join or establish a registered investment advisory firm.
Only 19% of the wirehouse advisors said their first choice would be to go to another wirehouse.
When Cerulli researchers looked at the actual behavior of advisors, they found that only 27% of wirehouse advisors who have changed employers in the past have moved to the IBD or RIA channels.